EUR/USD non-volatile bullish trend is still intact and further bullish momentum is expected in the future. The eurozone's economy is currently in a recovery mode which is expected to have steady and consistent growth in the coming days. As ECB President Draghi hinted about Quantitative Easing at a smaller scale and tapering is also on the way, EUR is likely to gain much stronger in comparison to other currency pairs including US Dollar. Today, Italian Industrial Production report was published with better than expected print of 0.1% from the previous value of 1.1% which was revised upwards from -0.5%. The news did not help EUR to gain momentum against USD today even though there is no economic reports or events in the US. As of the current scenario, USD is currently expected to gain over EUR in the short term before launching up higher.
Now let us look at the technical chart. The price is currently showing some bearish momentum after the rejection off the daily candle of Friday. Currently the price is heading for the dynamic level of 20 EMA or 1.1820-50 support area before bouncing up higher towards 1.2140 resistance level. The trend is still non-volatile which does indicate that there are good chances of price to head upward without much counter impulsive momentum along the way. As the price remains above the 1.1820-50 support area, the bullish bias is expected to continue further.
